January 16, 2018 / 8:53 PM / 8 months ago

Anglo Asian's Azerbaijan gold output fell 1.2 pct yr/yr in 2017

BAKU, Jan 17 (Reuters) - Azerbaijan’s top gold producer, Anglo Asian Mining, said on Tuesday its annual output had fallen 1.2 percent in 2017 to 71,461 ounces, still within its target range of 64,000 to 72,000 ounces.

The London-listed firm said copper production rose 2.6 percent to 1,991 tonnes, and silver output rose 4.7 percent to 172,853 ounces.

Anglo Asian started a significant exploration programme at the end of 2016 after making a new gold discovery at Ugur, 3 km (2 miles) from its Gedabek processing facilities.

Gold bullion sales in 2017 totalled 43,496 ounces at an average price of $1,265 per ounce, down from 53,281 ounces sold in 2016 at an average of $1,253 per ounce.

Gold is produced at Gedabek and other Azeri mines under a production venture in which Anglo Asian holds 51 percent and the state the remainder.

Anglo Asian began production at Gedabek, 350 km west of the capital Baku, in July 2009 with plans to extract 22 tonnes of gold. Overall, Anglo Asian plans to exploit seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes. (Reporting by Margarita Antidze; Editing by Kevin Liffey)

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